Blocks are stored sequentially. Most blocks are fetched out of a small in-memory cache. The slowest part is traversing difficulty transition points, which requires seeking backwards over around 2000 blocks. On a Google Nexus S phone this takes a couple of seconds. On a MacBook Pro it takes around 50msec.
The store has much room for optimization. Expanding the size of the cache will likely allow us to traverse difficulty transitions without using too much memory and without hitting the disk at all, for the case of initial block chain download. Storing the hashes on disk would allow us to avoid deserialization and hashing which is expensive on Android.